- Bitcoin is trading in a tight range between $10,200 and $10,400
- Traders are expecting Bitcoin to flip $10,500 to support
- Altcoins record more gains than Bitcoin (BTC)
Bitcoin News Today – The price of Bitcoin (BTC) is consolidating into a tighter range, as traders are getting ready to test the $10,500 hurdle point. It appears that the price of the digital currency has entered the weekend on a good foot after the digital currency fluctuated between $10,200 and $10,400 for some hours on Friday.
Bitcoin Is Moving Into a Tight Range
At press time, the daily chart is showing that the world’s most dominant digital currency by market cap is tightening into a pennant. Since the digital currency formed a double bottom at $9,838, it has imprinted a pattern of higher lows, which has now pushed its price into a tighter range. The trading volumes of Bitcoin still leave a lot to be desired. However, the Moving Average Convergence Divergence (MACD) indicator shows the MACD is moving closer to the shorter bars and the signal line on the histogram shows that selling is slowing down.
The relative strength index of the digital currency is still below the midline, and this is somewhat encouraging. Even though Bitcoin (BTC) is now trading over the 100 moving average, a break through the pennant to turn $10,500 to support is still what traders are hoping and waiting for.
Bitcoin (BTC) Price Today – BTC / USD
If the price of the digital currency can break over the $10,500 supports, bulls will try to exploit the VPVR gap from $10,500 to $11k. However, there is a chance that the 200 moving average, which is at $10,900, will act as a hurdle before moving higher towards the $11,300 mark.
At the time of writing, the benchmark digital currency is changing hands at $10,363 after an increase of less than 1 percent over the past day. The immediate support of the digital currency is close to $10,300 while the $10,200 mark acting as the next support. However, the major support is close to $10,000. On the upside, the immediate hurdle is close to $10,400 while the major hurdle is near $10,500.
Altcoins Are Recording More Gains than Bitcoin
While the price of Bitcoin continues to consolidate towards a more decisive move, altcoins are recording more gains. Altcoins are moving higher to test major hurdle points that were acting as strong support just a week ago.
One of the top performers is Yearn.finance (YFI), with an increase of 22.5 percent to $38,333. Binance Coin (BNB) surged by 11.3 percent while ONT surged by 13.19 percent. The dominance of Bitcoin is currently at 56.8 percent while the market cap of the entire digital currency market is at $334 billion, according to CoinMarketCap.